Sale of 5 Manhattan Retail Properties Fetches $184.5M

Vornado Realty Trust will be taking a total financial statement loss of approximately $7 million in the sale of (3) Upper East Side and (2) SoHo retail properties. The sale split into three separate transactions fetched a combined total of $184.5 million; and in aggregate the properties have a negative income and street level occupancy of approximately 30%. Sale of the SoHo properties at 478-482 Broadway and 155 Spring Street is expected to close in the 3rd quarter of 2021; while the properties at 677-679, 759-771 and 828-850 Madison Avenue are expected to close in the 1st quarter of 2022.